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Prime time to invest in holiday homes

By Staff Reporter
02 September 2009 | 1 minute read

Cashed up Australians have the chance to buy their dream holiday home thanks to a slide in property values in some key holiday hotspots.

Raine & Horne Palm Beach principal Glenn Lee told The Australian that values have plunged by more than 20 per cent in some pockets of well known holiday hot spots including Palm Beach.

“From a buyer's point of view, these opportunities to get into a market like this probably only come around once or twice in a lifetime,” Mr Lee said.

"There are other people who have done well and who are cashed up and are seeing this as a great time to get back into the market.”

RP Data residential research director Tim Lawless agreed that now was a great time for investors who are on the verge of buying in.

"There is a fantastic opportunity for those people who were blocked from buying in (because of) the financial situation. There are a lot of those people now who have the ability to be buying into these lifestyle markets,” he said.

Dwelling prices in the popular holiday spot Airlie Beach have also slid dramatically over the past year.

PRDnationwide Whitsunday property consultant Rob Taylor said today buyers could secure a sea view unit at the heart of Airlie Beach from about $350,000 and a house with a reasonable sea view from about $850,000.

While just one year ago, these properties would have fetched $100,000 to $150,000 more.

Prime time to invest in holiday homes
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Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.